Kakao posts record consolidated sales in 2017

SEOUL, Feb. 08 (Aju News) -- Hauled by the popularity of platforms for digital advertisements, e-commerce and other services, Sales of South Korea's web service provider Kakao hit a record high last year, demonstrating its dramatic growth as one of the most coveted stocks at home.

Kakao said in a regulatory filing that consolidated sales in 2017 rose 35 percent on-year to 1.9 trillion won (1.7 billion US dollars). Net profit soared 95 percent to 127 billion won and operating profit was up 42 percent to 165 billion won.

In fierce rivalry with Naver in the online advertising platform, Kakao's advertising sales saw an 11 percent drop in 2016 but rebounded 12 percent on-year to 595.7 billion won in 2017. Kakao's sales from e-commerce platforms rose 71 percent to 391 billion won in 2017.

The operator of "Kakao Talk", the most popular smartphone messenger app in South Korea, has aggressively expanded its main business from web searching to convenient mobile services, future technologies including AI and mobile games and music.